Using SWOT as a Strategy Facilitation Tool
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Transcript of Using SWOT as a Strategy Facilitation Tool
SWOTPROPER FACILITATION OF
SWOT-TOWS BRAINSTORMING
USING
WHEN USED RIGHT, SWOT IS A POWERFUL BRAINSTORMING
TOOL FOR EXPLORING STRATEGY
UNFORTUNATELY, MANY ENTREPRENEURS DON’T KNOW
HOW TO USE IT PROPERLY
AND IN MY EXPERIENCE, SWOT HAS LOST ITS PRACTICAL VALUE
OVER THE YEARS
ME THINKS IT IS TIME FOR A REFRESHER COURSE
A SWOT STARTS BY LOOKING INWARDS
IT ASKS WHAT STRENGTHS & WEAKNESSES DO YOU BRING TO
THE TABLE
BUT IT ALSO CONSIDERS THE EXTERNAL CONTEXT
IT ASKS WHAT OPPORTUNITIES & THREATS ARE IMPACTING YOU
FROM THE OUTSIDE
MISTAKE #1CONFUSING INTERNAL
CAPABILITIES VERSUS EXTERNAL DRIVERS
LET’S LOOK AT AN EXAMPLE…
INTERNAL
EXTERNAL
STRENGTH WEAKNESS
OPPORTUNITIES THREATS
HERE IS A BLANK SWOT TABLE
DRAW ONE OF THESE ON SOME LARGE FLIP CHART PAPER AND TAPE IT TO THE WALL (OR JUST
DRAW ON THE WALLS)
HAVE ALL THE MEMBERS OF THE TEAM INDEPENDENTLY (WITHOUT
TALKING) WRITE SINGLE IDEAS USING POST-IT NOTES & STICK THEM IN THE RELEVANT CELL
HAVE EVERYONE READ AS A GROUP, CLARIFYING AS
REQUIRED, AND MERGING DUPLICATES
WARNING: IN THIS PROCESS, YOU’LL FIND SOME EXAMPLES OF THREATS &
OPPORTUNITIES THAT ARE ACTUALLY INTERNAL RATHER THAN EXTERNAL, SO YOU’LL NEED TO REPHRASE THEM OR
MOVE THOSE IDEAS TO STRENGTH/WEAKNESS
WARNING: MAKE SURE THAT EVERYONE HAS A CHANCE TO SPEAK UP AND THAT EVERYONE FULLY UNDERSTANDS EACH
IDEA
YOU’LL END UP WITH SOMETHING LIKE THIS
INTERNAL
EXTERNAL
STRENGTH WEAKNESS
OPPORTUNITIES THREATS
Unique domain skills in our market
Strong existing client
relationships
Ahead of the competitors by
6-9 months
Mature R&D program
Sufficiently sized financial
war chest
High key-man risk
Product-Market fit in
new segments
Internal politics &
bureaucracy
Still lack strategic alliances
Strong, new entrants
Potential regulatory changes Weak macro-
economics
Traditional competitors
moving down into our segment
Labour shortage in local market
Emerging HNW Insurance segment
Growth in Asia
Maturity of Mobile / Social /
IoT
High levels of cash holdings in target segment
HOWEVER, THOUGH INTERESTING, THERE WILL BE NO THOUGHTFUL PRIORITIZATION AT
THIS STAGE
MISTAKE #2NOT PRIORITIZING IDEAS
AS A GROUP YOU NEED TO PRIORITIZE (FORCE-RANK) THE
ITEMS IN EACH CELL
TO DO THIS, USE THE WISDOM-OF-CROWDS
START BY GIVING EVERYONE 10 VIRTUAL DOLLARS
ASK EACH PERSON TO INVEST SOME OR ALL OF THEIR $10 INTO THE IDEAS IN EACH CELL BASED ON HOW IMPORTANT THEY FIND
THE IDEA(THE FACILITATOR CAN SERVE AS THE BOOKIE)
EVERYONE MUST SPEND ALL THEIR MONEY
YOU CAN SPEND $1 ON AN IDEA, OR ALL $10, OR ANYTHING IN
BETWEEN(BUT REMEMBER OTHERS ARE INVESTING TOO, SO SPEND WISELY)
HERE IS AN EXAMPLE OF WHAT THE OUTPUT MIGHT LOOK LIKE
FOR THE STRENGTHS CELL, GIVEN A TEAM OF 5 ($50)
INTERNAL
EXTERNAL
STRENGTH WEAKNESS
OPPORTUNITIES THREATS
Unique domain skills in our market
Strong existing client
relationships
Ahead of the competitors by
6-9 months
Mature R&D program
Sufficiently sized financial
war chest
High key-man risk
Product-Market fit in
new segments
Internal politics &
bureaucracy
Still lack strategic alliances
XXX
Strong, new entrants
Potential regulatory changes Weak macro-
economics
Traditional competitors
moving down into our segment
Labour shortage in local market
Emerging HNW Insurance segment
Growth in Asia
Maturity of Mobile / Social /
IoT
High levels of cash holdings in target segment
$25
$14$6
$4
$1
AT THE END OF THE EXERCISE, YOU’LL HAVE GROUP-DEFINED
PRIORITIES
GO THROUGH ALL CELLS AND RE-SORT IDEAS ACCORDING TO THE
PRIORITIES(FOCUS ON THOSE THAT NATURALLY BUBBLED UP BASED ON INVESTMENT
SIZES. IF YOU HAVE A LARGE ENOUGH TEAM, THERE WILL BE OBVIOUS WINNERS & LOSERS THANKS TO STATISTICS)
INTERNAL
EXTERNAL
STRENGTH WEAKNESS
OPPORTUNITIES THREATS
1. Strong existing client relationships
2. Unique domain skills Mature R&D program
3. Sufficiently sized financial war chest
4. Mature R&D program5. Ahead of the competitors
1. High key-man risk2. Product-Market fit in new segments3. Still lack strategic alliances4. Internal politics & bureaucracy
1. Strong, new entrants2. Traditional competitors moving down
into our segment3. Labour shortage in local market4. Weak macro-economics5. Potential regulatory changes
1. Emerging HNW Insurance segment
2. Maturity of Mobile / Social / IoT
3. High levels of cash holdings in target segment
4. Growth in Asia
NOW IT IS TIME TO DEVELOP ACTIONABLE SMART OBJECTIVES
USING A TOWS DIAGRAM
SMART ACTION ITEMS ARE:SPECIFIC
MEASURABLEACHIEVABLE
RELEVANT (TO STRATEGY)TIMELY
IN A TOWS DIAGRAM, YOU SHIFT THE SWOT CELLS TO THE OUTSIDE OF A NEW GRID
STRENGTH1. Strong existing client
relationships2. Unique domain skills
Mature R&D program3. Sufficiently sized financial
war chest
WEAKNESS1. High key-man risk2. Product-Market fit in new
segments
OPPORTUNITIES1. Emerging HNW
Insurance segment2. Maturity of Mobile /
Social / IoT
THREATS1. Strong, new entrants2. Traditional
competitors moving down into our segment
3. Labour shortage in local market
INSIDE THE GRID, YOU ARE LOOKING TO DEVELOP SMART
ACTION ITEMS THAT LEVERAGE THE SWOT ACCORDING TO THE
FOLLOWING RULES
SMART ACTIONS TO USE STRENGTHS TO DELIVER OPPORTUNITY
SMART ACTIONS TO ENSURE WEAKNESS DOES NOT UNDERMINE OPPORTUNITY
SMART ACTIONS TO USE STRENGTHS TO COUNTER THREATS
SMART ACTIONS TO ENSURE WEAKNESS DOES NOT HELP MANIFEST THREAT
STRENGTH1. Strong existing client
relationships2. Unique domain skills
Mature R&D program3. Sufficiently sized financial
war chest
WEAKNESS1. High key-man risk2. Product-Market fit in new
segments
OPPORTUNITIES1. Emerging HNW
Insurance segment2. Maturity of Mobile /
Social / IoT
THREATS1. Strong, new entrants2. Traditional
competitors moving down into our segment
3. Labour shortage in local market
MISTAKE 3STRATEGY ACTION ITEMS MUST
BE SMART
GOOD LUCK, I HOPE YOU FIND SWOT-TOWS USEFUL AS YOU DEFINE AND EVOLVE YOUR
STRATEGY
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